Falae Flays Proposed CBN Policy On Cash Withdrawal

                                         Chief Olu Falae, Former Finance Minister

Former Minister of Finance and Ex-Secretary to the Government of the Federation (SGF), Chief Olu Falae Monday described the Central Bank of Nigeria policy which limited daily   cash withdrawals to N150,000 for individuals and N1m for corporate organizations as not only a farce but unrealistic.

Falae in a chat with journalists noted that the CBN policy action if implemented would be an infringement on the fundamental right of every Nigerian and which is challengeable in the law court.

He noted that rather than the new policy limiting cash withdrawals, the CBN governor, Sanusi Lamido Sanusi should pursue financial and fiscal policy that would encourage the use of cheque.

‘I think the whole policy is unnecessary, it is all nonsense because we are in a democracy and the money I put in the bank is my personal property. No Central Bank has the right to tell me how much of my money I can withdraw at any point in time.

“The constitution guarantees the right of owning property, how can a governor of the Central Bank or the government abridge my right given by the 1999 Constitution of the country?

“It is a complete military mentality to foist such policy on Nigerians. It is unacceptable. You can pursue policy that will encourage people to deposit cheque and use less of cash, not by decree or by force,” he pointed out.

The former SGF explained that he is ready to drag the CBN to court over its unconstitutional step.

Speaking on the expectations of Nigerians from President Goodluck Jonathan, Falae urged the President to re- create confidence across the nation, end killings and instability and adopt a national development programme.

According to him, Nigeria cannot be an investment haven if the killings in some northern states and part of Niger Delta are not addressed.

“The act of barbarian in some states in the North should be addressed with all seriousness. No investor will want to come to this country because of these killings. They will think Nigeria is unsafe for business”.

He also stressed the need for Mr. President to address the crisis of confidence which had been created by wide spread violence that followed the last election, adding that the killings that took place had shattered confidence within the nation.

Falae added that president Jonathan needed to re-build total confidence across the nation, so that people can have confidence in his administration.

‘The primary task of Mr. President is to ensure that he re-builds people’s confidence in his administration, we cannot begin to develop and grow if there is no trust”, he said.